updated 04:38 pm EST, Mon January 27, 2014

Built off 51 million iPhones, 26 million iPads

Apple has posted the results of its first fiscal quarter for 2014, claiming $57.6 billion in revenue, with profits of $13.1 billion, and earnings per share of $14.50. Fuelling the company's performance were sales of 51 million iPhones and 26 million iPads, up year-over-year from 47.8 million and 22.9 million units, respectively. The company also sold 4.8 million Macs, up from 4.1 million and beating analyst consensus of 4.6 million.

The reported revenue represents a growth of just under six percent, and slots in the middle of the company's own guidance from last quarter, which called for an amount between $55 billion and $58 billion. The iPhone and iPad lines have set new quarterly records. Gross margin declined however, falling from 38.6 percent in Q1 2013 to 37.9 percent.

The company adds that its board of directors is declaring another dividend, this time valued at $3.05 per share, and payable to shareholders on February 13 for owners of shares by the 10. During Q1, about $7.7 billion in cash was delivered to shareholders through a mix of dividends and share buybacks. To date, the company has spent $43 billion out of its planned $60 billion in returning cash to shareholders.

Looking ahead to the next quarter, Apple's official guidance calls for revenue between $42 and $44 billion, a normal seasonal drop in revenues following the Christmas quarter.

There's little doubt Apple will get back to the $700 level at some point this year; just wait for the next big product rollout. What investors are focused on, to the exclusion of all else, is iPhone sales. Revenues on iPhones didn't meet expectations (actually they did, but that's counting deferred sales), and thus the stock drops like a rock. Wall Street doesn't give a fig about anything else Apple sells, just the iPhone.